Compliance Consultant (Contractual Position) Gurugram

JD- Compliance Consultant

Impact on the Business / Function

• Review of advertisements
• Regulatory Reporting
• Product review
• Analyze and disseminate new regulations/exposure drafts to the respective functions
• Ensure timely implementation of the new regulations
• To do Compliance Risk Assessment with respect to Penalty /Warning Orders issued by the Authority to other insurers
• Provide inputs to business proposals to ensure compliance and regulatory risks are restricted
• Handing representations to Life Council / IRDAI and such other forums
• Conduct compliance thematic reviews and support in management reviews
• To support in preparation of Regulatory Update and Compliance Dashboard for the Chief Compliance Officer of the Company
• Supporting in Compliance Committee Meetings

Target and Measures

Involvement in business projects/proposals to ensure compliance point of view is considered and advice adhered to before launching the same.

Capability to analyze in the context of the business and turn around time for implementation.

Drafting and articulation skills

Cordial relationship with the regulator and involvement with regulator and industry for smooth implementation of regulations

Customers / Stakeholders

• Provide compliant workarounds to business proposals wherever required
• Ensure compliance risks are within organizational appetite at all times, and timely information is provided to shareholders and management so as to be aware of the risk level of the organization.

Target & Measures

• Compliance teams ability to provide compliant solutions and thereby act as a business enabler
• Timely furnishing of comprehensive reports/dashboards to regulator, management and shareholders.

Leadership & Teamwork

• Promote collaborative approach to problem solving whereby the function appreciates business requirements and makes efforts to provide compliant and workable solutions within the risk appetite when faced with restrictions under the extant regulations.
• Promote team work by involving team members in work related decision making and launching staff engagement initiatives within the team
• Identify learning and development opportunities for self to ensure competence of the team to handle and deliver functional responsibilities and facilitate succession planning

Target & Measures

• Acceptability of the function within the business and operational management groups as a business enabler
• Engagement levels of team members and their continued association within the organization and team

Operational Effectiveness & Control

• Implementation of processes and systems and leveraging technology to streamline the function’s routine activities and also facilitate easy tracking
• Review of Operational and other business processes and other areas which have a regulatory bearing, direct or indirect
• Adopt a risk based framework for compliance, with focus of monitoring and initiatives on high risk areas and control weaknesses or issues identified during past compliance risk assessments

Target & Measures

• Streamlined processes and systems for routine activities
• Compliance role well defined and covering all areas of business and operations that have a regulatory impact
• Risk based approach in compliance administration